The firm's principals previously owned the mall with another company, Somera Capital, which sold the property in 2005 for $102 million.

“We still think it's a really solid location in a great trade area,” said Steve Plenge of Pacific Retail.

Plenge said the property languished after Somera sold it. The recession hit and some tenants closed their doors.

The previous owner, Investment Properties of America, put the mall into bankruptcy and it later fell into foreclosure. Earlier this year, the principal of that company was sentenced to 100 years in prison for his role in a scheme to defraud investors.

Though the J.C. Penney and Mervyns spaces are vacant, the mall still has three main retail anchors: Macy's, Dillard's and Sears. The remainder of the center is about 60 percent occupied.

Though the J.C. Penney and Mervyns spaces are vacant, the mall still has three main retail anchors: Macy's, Dillard's and Sears. The remainder of the center is about 60 percent occupied.

The new owner plans to ramp up leasing, management and marketing operations, as well as make exterior improvements.

The sale included 505,236 square feet of the roughly 1.1 million-square-foot mall that sits on 100 acres.